According to a World Bank estimate, crude oil prices will average $56 per barrel in 2021. Last year, oil businesses were one of the greatest losers as a result of the coronavirus quarantines and the substantial drop in domestic and international travel. Crude oil output limits imposed by oil-producing countries may result in higher pricing. Oil prices have risen to their highest level in six years, owing to delays in oil-producing nations’ output increases. The hike could benefit Exxon Mobil Corporation, Chevron Corporation, and Energy Transfer LP. OPEC has postponed negotiations over output cuts due to a disagreement. Some of the world’s largest oil producers are members of the Organization of Petroleum Exporting Countries (OPEC). Analysts predict that a key policy decision in this area will be made soon.
Here is Insider Monkey’s list of the 10 best oil stocks to buy amid post-COVID demand boom and price volatility. On the list of the top 10 oil stocks to purchase, Dorian LPG Ltd. is ranked tenth. Over the last few months, the company’s stock has returned 75 percent to investors. Its sales increased by nearly 5% over the period to close to $100 million. Pioneer Natural Resources Company ranks ninth. According to a recent analysis, the stock has returned 71 percent to investors over the past year. It is an oil and gas exploration and production company. Devon Energy Corporation is ranked eighth. According to Thomson Reuters, the company’s stock has returned 182 percent to investors in the last year. After announcing a new strategy to reach net zero greenhouse gas emissions by 2050, the company’s stock price increased more than 3.5 percent. In the last six months, CNX Resources Corporation stock has returned 58 percent to investors. It ranks seventh on the list of the top ten oil stocks to purchase in the wake of the COVID demand spike and price volatility. During that time, the company’s revenue was more than $473 million. ConocoPhillips is ranked sixth. According to the company’s return on capital report for the past year, the company’s shares have returned 53 percent to investors. For more details, click 10 Best Oil Stocks to Buy Amid Post-COVID Demand Boom and Price Volatility.
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